EU COUNTRIES SHOULD PREPARE FOR PROLONGED DISRUPTION TO ENERGY MARKETS FROM IRAN WAR, EU ENERGY COMMISSIONER SAYS IN LETTER TO EU ENERGY MINISTERS

SOUTH KOREA'S KOSPI STOCK INDEX TRIMS LOSSES; DOWN 0.9%

Australia is intensifying diplomatic efforts with South Korea, Japan, Malaysia and Singapore to secure refined fuel supplies in exchange for its LNG exports, as the Iran war disrupts global energy flows and drives domestic fuel shortages. Foreign Minister Penny Wong said Australia seeks “reliability in return” as petrol and diesel prices hit record highs and some stations run dry, affecting sectors including agriculture and mining. Supply constraints have been worsened by cyclone-related disruptions at key LNG facilities, including Chevron’s Wheatstone plant and Woodside’s North West Shelf. With over 80% of Australia’s refined fuel imported—mainly from Asia.